What Is The Case For Waiting On Rigetti Computing Stock?

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Shares of Rigetti Computing (RGTI) closed at their lowest level in a year on October 30, having lost 71.5% over the past year against an 11.3% return for the S&P 500. Anyone buying at that price is still betting that the company can turn its Novera quantum computers into steady sales, and that its Cepheus-1-108Q system will reach management’s accuracy aim by the end of 2026. After a fall that deep, is now still too early?

Rigetti Computing Is Still Priced Far Above Sales

On price alone, the fall has not made Rigetti cheap. Shares traded at 280.7 times the company’s sales over the past twelve months at the October 30 close, compared with 3.2 times for the S&P 500. While that October 30 multiple marked a drop from 482.1 times sales at the end of June, the June valuation stood higher than at 13 of the 16 quarter ends since the third quarter of 2022.

The company is also losing money, shedding $97.2 million at the operating line on $13.4 million of sales in the twelve months to June. Because both earnings and operating cash flow were negative, neither provides a usable multiple. Rigetti did hold $394 million of cash and short-term investments at the end of June.

Sales have shown recent growth. Second-quarter revenue climbed 185.3% from a year earlier, an increase management attributed to on-premises Novera QPU sales. That growth covers only the first and second quarters. In each of the two preceding quarters, revenue fell from a year earlier.

What Rigetti Computing Expects By The End Of 2026

As of the August 6 call, Cepheus-1-108Q had not yet reached management’s accuracy aim. The system ran at a median two-qubit gate fidelity, a measure of accuracy, of roughly 99.1%, while management aims for about 99.5% later in 2026.

On sales, management pointed to the fourth quarter. It still expects to count the $8.4 million C-DAC order for a 108-qubit system in India as revenue during that period, once the system is installed and accepted. Management also said revenue moves with the timing of system deliveries and government-funded projects. After that call, in August, Rigetti reorganized its leadership structure around customer deployments.

Analysts expect third-quarter revenue of about $3.75 million, which sits below the $5.14 million Rigetti reported for the second quarter. At today’s multiple, the price appears to assume sales growth over several years, not in the third quarter.

How Has Rigetti Computing Stock Moved After Earnings Reports?

Shares of Rigetti have moved both ways following recent earnings reports. The stock climbed 6.8% in the two trading days after the August 2026 report, but fell 10.2% after the May 2026 report. The company said it will report third-quarter 2026 results in November 2026.

Swings like those come with owning the shares. During the 2025 tariff shock, Rigetti fell 32.0%, against 19.0% for the S&P 500.

Rigetti may also add shares. In September, Rigetti announced a definitive agreement with the Department of Commerce for up to $100 million in funding through the CHIPS Act. On the August 6 call, management said any final deal would include issuing securities to the department.

If third-quarter revenue falls short of what analysts expect and Cepheus-1-108Q is still short of management’s accuracy aim when 2026 ends, it is still early. If revenue meets that estimate, the C-DAC system stays on course for the fourth quarter, and Cepheus-1-108Q reaches that aim, there is less reason to wait.

How To Act On RGTI?

Now you know Rigetti Computing better. Our purpose is to inform you so you can decide for yourself, and acting on one stock, in either direction, carries its own risk.

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